EnFin: Your Fresh Source To Fintech Updates (June Edition)

EnFin is a curated fresh source of the latest happenings in the fintech industry.  It has been designed for those who are always on the move and want to stay abreast with the new developments in the industry. It covers everything from updates to new developments, announcements, and amendments in the fintech industry.

FM Nirmala Sitharaman Urges NPCI to Strengthen UPI Infrastructure

Finance Minister Nirmala Sitharaman directed urgent measures to strengthen UPI’s infrastructure after repeated outages. The move aims to enhance scalability, cybersecurity, and global adoption, ensuring seamless transactions, user trust, and progress toward the ambitious 1-billion-per-day UPI milestone. Originally posted on Business Standard

RBI Launches 3 Key Surveys to Shape Upcoming Monetary Policy Decisions

RBI will conduct consumer and inflation expectation surveys across cities and rural areas ahead of its June 4–6 policy meeting. These surveys offer key inputs on household sentiment, aiding the central bank in shaping data-driven monetary policy decisions. Originally posted on Deccan Herald

UPI Transactions to become Faster Soon: Know NPCI’s New Mandate 

Starting June 16, 2025, UPI transactions will complete in just 15 seconds, which is half the current time, under a new NPCI mandate. Faster API response will also cut reversal and status-check times by 75%, boosting speed, reliability, and user experience. Originally posted on Economic Times

Digital KYC Process To be Made Accessible for Disabled: SC

The Supreme Court has ordered the Centre and RBI to make digital KYC fully accessible for persons with disabilities, including those with facial disfigurements and visual impairments. This landmark move ensures inclusive digital access, alternative verification methods, and grievance redressal. Originally posted on Hindustan Times

RBI raises ATM charges to Rs 23 from May 1: Know the details here

Starting May 1, 2025, RBI’s new ATM rules have been implemented, where five free monthly transactions and increased charges of ₹23 are applied after the limit. This impacts urban users more, prompting banks like HDFC to update customers and highlight rising costs for frequent ATM usage. Originally posted on India Today

How Indian Fintechs Can Lead the Future of Finance: Uniting TradFi & DeFi

India’s fintech startups are poised to bridge TradFi’s trust and scale with DeFi’s automation and inclusivity—fueling financial inclusion, unlocking global capital, and reshaping digital finance for emerging markets. This synergy could redefine finance for the next billion. Originally posted on Outlook India

Income Tax Bill 2025: Discussed in Parliament Monsoon Session

The Income Tax Bill 2025, replacing the 1961 Act, will be discussed in Parliament’s monsoon session. It proposes simplified tax codes, modern digital compliance, and expanded state access to digital data, raising efficiency and critical concerns over citizens' privacy rights. Originally posted on ClearTax

New ITR Forms for AY 2025-26 Simplify Tax Filing for Small Investors

The government has notified ITR-1 and ITR-4 for AY 2025-26, allowing salaried individuals and small investors with LTCG up to ₹1.25 lakh to file simpler returns. This reduces compliance burden and encourages timely, accurate, and voluntary tax filing. Originally posted on Business Standard

RBI Deputy Governor Rabi Shankar: Small-ticket Fintech Loans Key to Driving Financial Inclusion

At IIMA Ventures’ Bharat Inclusion Summit, RBI’s Deputy Governor highlighted that 45% of fintechs now offer sub-₹25,000 loans, advancing financial inclusion. RBI’s support, digital public infrastructure, and growing fintech-regulator collaboration are driving innovation, compliance, and broader access to digital credit. Originally posted on Money Control

NPCI Plans Feature to Let Users Save UPI IDs on Merchant Platforms

NPCI plans to let users save their preferred UPI ID on popular platforms, streamlining checkout by skipping app and ID selection. Pending RBI approval, this move could boost convenience and success rates across e-commerce, travel, food, and quick commerce apps. Originally posted on BFSI ET

Govt urges RBI, NPCI to boost cybersecurity as India-Pak conflict escalates.

Amid India-Pakistan tensions, the government has urged RBI, NPCI, and banks to boost cybersecurity, aiming to safeguard digital payments. This move helps protect individuals and businesses from potential cyberattacks that could disrupt banking, UPI, and financial operations. Originally posted on News18

UPI Merchant Payment Growth Slows, Sparking Sustainability Concerns

UPI merchant transactions grew by just 1% year-on-year in April 2025, signaling a slowdown in digital payment adoption. This deceleration may impact the sustainability of payment platforms and prompt authorities to reconsider introducing merchant fees to support infrastructure investments. Originally posted on MoneyControl

UPI QR Codes Surge to 657.9 Million in FY25, Outpacing Credit Cards

UPI continues to dominate India’s digital payments landscape with a 91.5% surge in QR codes and Rs 24.77 lakh crore in March 2025 transactions, while credit card growth slows; RBI’s initiatives further fuel nationwide digital payment adoption and financial inclusion. Originally posted on Silicon India

RBI Likely to Pay Record Dividend to Offset Revenue Shortfall

RBI may transfer up to ₹3.5 trillion to the government, surpassing last year’s ₹2.1 trillion payout. This record dividend could help cover lower tax collections and disinvestment proceeds amid weak growth and market volatility, economists said. Originally posted on Business Standard

RBI Designates FIMMDA as First SRO in Financial Markets Under New Framework

The RBI has recognised FIMMDA as a Self-Regulatory Organisation (SRO) in financial markets under its 2024 framework. FIMMDA, established in 1998, will now operate formally within RBI’s guidelines, streamlining practices across fixed income and derivatives markets. Originally posted on Business Standard

RBI Adopts Public Consultation for Draft Regulations

The RBI will now seek public feedback on draft regulations for at least 21 days and conduct impact analyses before finalising rules. This consultative framework aims to enhance transparency, relevance, and stakeholder engagement in policymaking. Originally posted on Fortune India

RBI’s New Digital Lending Rules Starting May 13

The RBI’s new 2025 Digital Lending Directions with effect from May 13, requires all regulated lenders to register their apps on a central portal, the Centralised Information Management System. A public directory will be launched by July 1 to help users verify apps and avoid fraud. Originally posted on NDTV Profit

Slow Start for UPI Lite & Wallet-Based Payments Due to Zero-MDR

New UPI features like Lite, Circle, and wallet-based payments struggle to gain momentum, as zero-MDR discourages fintech investments. April saw 120 million wallet-UPI transactions worth ₹4,000 crore. Originally posted on Economic Times

Nationwide UPI Outage Hits Major Platforms; Founders & Users React

India faced its third major UPI disruption in a month, affecting Google Pay, PhonePe, and Paytm users. Complaints surged online amid failed transactions. Meanwhile, the government has approved a ₹1,500 crore incentive to boost BHIM-UPI use among small vendors for low-value payments. Originally posted on Financial Express

RBI Reviews EV Wallets After BluSmart Collapse Exposes User Risks

The RBI is reviewing digital wallets linked to EV platforms after BluSmart’s shutdown left users unable to access funds. The incident exposed risks in unregulated closed-loop wallets. Informal talks with EV operators are underway to assess consumer protection gaps in India’s growing EV ecosystem. Originally posted on Economic Times

ONDC Boosts MSME Revenues by 20% in Tier II & III Cities

MSMEs in smaller cities saw a 20% revenue rise after joining ONDC, with Rajasthan, Gujarat, and Maharashtra leading adoption. Over 1 lakh MSMEs are expected to join by FY 2026-27. Easy Pay plans to onboard 50,000 more by FY 2025-26. Originally posted on BFSI ET

FICCI to RBI: Keep NBFC-Led Co-Lending Model to Protect Credit & Jobs

FICCI has urged the RBI to retain the current co-lending norms that let NBFCs originate loans and sell up to 80% to banks. This follows an RBI draft proposing a joint disbursal model where banks and NBFCs lend simultaneously. Originally posted on Economic Times

NPCI rolls out new feature to stop wrong UPI transfers across platforms 

From June 30, 2025, NPCI's new UPI rule ensures the recipient's account name matches bank records before transfers. It applies to P2P and P2PM transactions and aims to reduce wrong transfers across Google Pay, PhonePe, Paytm, and BHIM. Originally posted on IndiaTV News

27% of MGNREGA Workers Still Ineligible for Aadhaar-Based Payments

A new Libtech India report reveals that 27% of all MGNREGA workers and 1.5% of active workers remain ineligible for Aadhaar-based payments, challenging government claims of its efficiency and urging restoration of stalled funds in West Bengal. Originally posted on Deccan Herald

NPCI in Talks as Indonesia Expands QRIS Payments to Japan & China

Starting August 17, 2025, Indonesians can use QRIS for payments in Japan and China. Bank Indonesia is also in talks with NPCI International India to expand cross-border QR payments, aligning with efforts to enhance global digital payment connectivity and efficiency. Originally posted on Open Gov Asia

Asia Sees Surge in Digital Wallet Use Amid Declining Cash Payments

According to Worldpay’s Global Payments Report 2025, digital payments now power over 80% of e-commerce in APAC, rising from 34% in 2014 to 66% in 2024. UPI leads India’s POS growth, while SMEs across Asia are accelerating digital wallet adoption. Originally posted on Coin Geek

Kawach: India’s Real-Time Shield Against UPI Payment Frauds

DoT rolls out Kawach – a real-time Financial Fraud Risk Indicator (FRI) to combat cyber fraud. Integrated with UPI apps like PhonePe, FRI flags risky mobile numbers before payments, offering proactive protection for banks, NBFCs, and users. Originally posted on Swarajyamag

India Leads with 48.5% UPI Share in Global Payments

India contributed 48.5% to global real-time payment volumes in FY25, powered by UPI’s 41.7% volume growth. RBI's push for digital infrastructure, UPI globalisation, and deep-tier expansion enhanced reach. However, digital fraud values tripled, highlighting evolving cybersecurity challenges. Originally posted on Financial Express

NPCI Tightens UPI API Usage Rules from July 31

NPCI has directed banks and PSPs to regulate 10 key UPI APIs, restricting non-customer-initiated usage during peak hours and capping balance checks to 50 per app daily. Non-compliance may lead to penalties, onboarding suspension, and stricter controls from August 2025 onward. Originally posted on Economic Times

NITI Aayog: Medium Enterprises Drive Exports

NITI Aayog’s recent report states that medium enterprises contribute 40% of the sector's exports despite forming just 0.3% of MSMEs. The report proposes credit access, tech upgrades, and AI-led support. With the right push, medium enterprises could become key engines of innovation and high-skill employment. Originally posted on Business Standard

RBI Tightens NBFCs On Fintech-Backed Loans

RBI has directed NBFCs to exclude fintech-provided Default Loss Guarantees (DLGs) when provisioning for bad loans. This increases capital burden on NBFCs, potentially reducing profitability, limiting fintech-NBFC collaborations, and slowing digital lending growth, especially for firms heavily reliant on fintech-originated loans. Originally posted on Deccan Chronicle

RBI Proposes new KYC rules for Consumers

The RBI has proposed draft KYC rule changes to simplify updates and enhance convenience. Banks must send reminders, allow low-risk users more time, and let Business Correspondents assist with KYC, especially in rural and semi-urban areas. Originally posted on CNBCTV 18 Stay updated with industry fresh updates from EnFin.